Funding you earn now, next payment 01:00 UTC+0.0375%/8h= +41.1% APRpaid last 24h +0.021%
Price spread now: Backpack against Orderly+0.093%7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 5 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Backpack is 0.093% dearer against Orderly than usual: you sell high and buy low: +$9 more if the spread goes back to zero (this spread has no 7-day history yet).
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Orderly PERP_ZRO_USDC | 1.1808 | 0.0013 | pay 0.0006% / 4h | 3h 19m | $21K | $6K | 10x |
| Short | Backpack ZRO_USDC_PERP | 1.1819 | 0.0388 | get 0.0048% / 1h | 19m 41s | $99K | $205K | 20x |
Orderly PERP_ZRO_USDC
Backpack ZRO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Orderly. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $78.75
- Price spread: +0.093% → 0.000%
- $9.32
- Slippage, 4 orders
- no order book: not counted
- Fee Orderly: 3 bp × 2 orders
- −$6
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $72.06
- Costs to cover
- 0.160%
- Break-even
- 0.6 days
Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 53 min ago. Net counts fees only.
Cost to enter
taker fee + slippage from the mid, one side; closing costs about the same again| Leg | Half-spread | $10k | $100k | $1M | $5M |
|---|---|---|---|---|---|
| Buy Orderly no order-book sample | — | — | — | — | — |
| Sell Backpack live order book, 53 min ago | 0.43 bp | 6.4 bp −$6 | doesn't fit | doesn't fit | doesn't fit |
Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
ZRO on 26 venues
lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| 01 Exchange ZROUSD | −0.0088% | 1h | 1.1802 | −0.053% | $7K | $3K | 5x | as long as short |
| Orderly PERP_ZRO_USDClong | +0.0013% | 4h | 1.1808 | long leg | $21K | $6K | 10x | |
| Lighter ZRO | +0.0096% | 1h | 1.1814 | +0.052% | $4.4M | $1.5M | 5x | as long as short |
| Hyperliquid ZRO | +0.0100% | 1h | 1.1812 | +0.034% | $37.4M | $5.7M | 5x | as long as short |
| Aster ZROUSDT | +0.0100% | 4h | 1.1809 | +0.011% | $158K | $149K | 10x | as long as short |
| Pacifica ZRO | +0.0100% | 1h | 1.1806 | −0.017% | $137K | $168K | 5x | as long as short |
| Binance ZROUSDT | +0.0100% | 4h | 1.1802 | −0.054% | $22.2M | $30.2M | 75x | as long as short |
| Bybit ZROUSDT | +0.0100% | 4h | 1.1794 | −0.119% | $18.0M | $14.1M | 50x | as long as short |
| OKX ZRO-USDT-SWAP | +0.0100% | 4h | 1.1801 | −0.059% | $3.2M | $8.0M | 20x | as long as short |
| Gate ZRO_USDT | +0.0100% | 4h | 1.1790 | −0.152% | $1.4M | $1.5M | 75x | as long as short |
01 Exchange ZROUSD
Lighter ZRO
Hyperliquid ZRO
Aster ZROUSDT
Pacifica ZRO
Binance ZROUSDT
Bybit ZROUSDT
OKX ZRO-USDT-SWAP
Gate ZRO_USDTShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| MEXC ZRO_USDT | +0.0100% | 4h | 1.1803 | −0.042% | $19.2M | $2.7M | 125x | as long as short |
| KuCoin ZROUSDTM | +0.0100% | 4h | 1.1799 | −0.076% | $2.4M | $1.9M | 50x | as long as short |
| Bitget ZROUSDT | +0.0100% | 4h | 1.1808 | 0.000% | $2.7M | $2.4M | 75x | as long as short |
| BingX ZRO-USDT | +0.0100% | 4h | 1.1796 | −0.102% | — | $14.7M | — | as long as short |
| Variational Omni ZRO | +0.0100% | 4h | 1.1783 | −0.215% | $2.3M | $854K | — | as long as short |
| ApeX Omni ZROUSDT | +0.0100% | 1h | 1.1800 | −0.068% | $37K | $688K | 50x | as long as short |
| Polymarket Perps ZRO-USD | +0.0100% | 1h | 1.1808 | 0.000% | $92K | $826K | 5x | as long as short |
| Aevo ZRO-PERP | +0.0104% | 1h | 1.1803 | −0.040% | $21K | — | 3x | as long as short |
| BloFin ZRO-USDT | +0.0112% | 4h | 1.1792 | −0.136% | $1.1M | $254K | 75x | as long as short |
| dYdX ZRO-USD | +0.0236% | 1h | 1.1802 | −0.051% | $21K | $3K | 5x | as long as short |
| GMX ZRO/USD [ETH-USDC] | L +0.0292% / S −0.2341% | 1h | 1.1808 | −0.003% | $3K | — | 100x | as long as short |
| Kraken Futures PF_ZROUSD | +0.0301% | 1h | 1.1821 | +0.112% | $253K | $410K | 25x | as long as short |
| Nado ZRO-PERP | +0.0303% | 1h | 1.1793 | −0.129% | $1.3M | $128K | 5x | as long as short |
| Backpack ZRO_USDC_PERPshort | +0.0388% | 1h | 1.1819 | +0.093% | $99K | $205K | 20x | |
| Injective ZRO/USDC PERP | +0.1190% | 1h | 1.1840 | +0.271% | $12K | $260K | 12x | as long as short |
| Extended ZRO-USD | +0.1304% | 1h | 1.1795 | −0.107% | $788K | $589K | 10x | as long as short |
MEXC ZRO_USDT
KuCoin ZROUSDTM
Bitget ZROUSDT
BingX ZRO-USDT
Variational Omni ZRO
ApeX Omni ZROUSDT
Polymarket Perps ZRO-USD
Aevo ZRO-PERP
BloFin ZRO-USDT
dYdX ZRO-USD
GMX ZRO/USD [ETH-USDC]
Kraken Futures PF_ZROUSD
Nado ZRO-PERP
Injective ZRO/USDC PERP
Extended ZRO-USD